Here is a company report on Merus from Pauli. 
Merus Power’s H2 report was in line with expectations regarding key figures thanks to strong revenue, although the gross margin fell short of our expectations. Production has been made to function efficiently, and relatively large energy storage systems are already being delivered routinely, at least to the domestic market in Finland. The stock’s valuation relies on long-term earnings growth, which increases the valuation risk. However, we see that as the nascent earnings turnaround and internationalization progress continue, the expected return could become attractive. We are therefore raising our recommendation to Accumulate (prev. Reduce) and our target price to EUR 4.7 (prev. EUR 4.5).